Edition

In the story titled “El Paso Takes New Precautions in Preparation for Another Active Hurricane Season,” which ran in the April 13 edition of NGI’s Daily Gas Price Index, it was incorrectly reported that El Paso “was forced to sell off assets, issue debt and enter into new credit facilities to maintain liquidity while paying” for hurricane repairs. The hurricane costs were only one of the factors influencing liquidity. Other factors, including oil and gas derivative transactions put in place in prior years, also had an impact, creating the need to sell assets, issue debt and enter into new credit facilities.

In the report on the ExxonMobil global energy forecast in Daily GPI’s, Dec. 14 edition, inaccurate figures were reported in the second paragraph: World natural gas use is projected to increase from about 290 Bcf/d today to nearly 440 Bcf/d by 2030.

A report in Tuesday’s edition of NGI’s Daily Gas Price Index cited a recent analysis of the comprehensive energy bill by the Energy Information Administration (EIA) (see Daily GPI, Aug. 2). In analyzing the impacts of the energy bill, EIA focused on the bill that was passed by the House of Representatives last April rather than the version of energy bill that was approved by Congress last week. The EIA said it would have drawn different conclusions about the final version of the energy bill, which was substantially different that the earlier House version of the legislation.

Liquefied natural gas (LNG) will become a larger part of the Northeast energy picture, Energy Security Analysis Inc. (ESAI) said in its latest edition of the “Northeast Energy Watch Quarterly.”

A story that ran in Monday’s edition of Daily GPI contained two errors. In the story titled “El Paso Crosses Hurdle But Still Faces Tough Battle Ahead,” a date of May 20 was given for El Paso’s annual meeting, where a proxy battle is scheduled to take place for control of El Paso’s board of directors (see Daily GPI, March 17). El Paso said no date has been set. The story also contained a typo. The name of El Paso’s fomer CEO, William Wise, was misspelled. NGI regrets these errors.

(Editor’s Note: This story originally ran in the March 7 edition of Daily GPI)

(Editor’s Note: This story originally ran in the March 7 edition of Daily GPI)

In a story that ran in the Oct. 25 edition of NGI’s Daily Gas Price Index, titled “El Paso Posts Solid Earnings, But Special Charges Lower Profits,” some comments were incorrectly attributed to El Paso Merchant Energy Group President Ralph Eads III. The comments were made by Greg Jenkins, CEO of El Paso Global Networks. The comments also contained some inaccuracies. Jenkins said, “The [global network business] has deteriorated much more over the course of the past several weeks and few months. The regulatory environment in our judgement is viewed unfavorably against real competition, and today the market fundamentals are very weak. Consequently we are reducing our focus [on telecommunications]. Our focus next year is going to be on those activities where that value is recognizable, that being the Texas market in particular, and maximizing returns on those assets.” Jenkins’ was not referring to the merchant generation business, and El Paso Corp. has reaffirmed its confidence in merchant generation and its position in that market. NGI regrets the errors.

The Gas Research Institute released its 1999 Data Book, whichcontains the analytical output from the recently released 1999Edition of the GRI Baseline Projection of U.S. Energy Supply andDemand to 2015. The Baseline Projection, released in August,describes a highly competitive, low-price energy future, withnatural gas expanding its share of the nation’s total energy marketfrom 24 percent in 1997 to 28 percent in 2015.